Doug Ford looks to end rent control
- Thread starter Shaquille Oatmeal
- Start date
That said there are still 20k apts and the builders are bleeding. If it were not for the rental laws they might rent those and generate some revenue.
I already do and they are great passive income thank you. A few are built before 2018 but the tenants are great so I have no issue and no desire for them to leave.
Talk about grasping at straws! You do realize Ford has a majority right??
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Aaah, a show me the money voter.
Your cards are showing.
The enigma has been cracked wide open.
Love it.
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They should expand rent control for all units, including ones built after 2018.
I think in general buying up condos for investments need to be discouraged as that is one of the main culprits in driving up housing prices.
Most people who buy for investments dont even take possession of a new condo.
They just jack up the price right when it is ready and sell it to another and pocket the spread. Its BS.
Good for you.
The libs + ndp got 6% more votes than DoFo.
DoFo has to game the system to come out with a majority.
Boo-hoo-hooo, cry us a river and sing dem low down, developer/investor blues.
The same merchants of greed who have been the main contributors to the housing mess u whine about now.
Rigging ala the Orange Marmalade.
What next from Thuggo, gerrymandering Toronto's 25 ridings?
Investors have stopped purchasing condos because of the carrying costs vs rental income and this is what's crashing the condo market. End users have never been a big enough market to carry all the condos being built. The reason many decide to keep them empty because it is so hard to get rid of troublesome tenants and that is not fair to investors. Doug should focus on allowing Landlords to quickly evict non-paying and troublesome tenants. Most landlords, myself included, would never want to see good tenants go, rent controls or not.
Shaq, on a different tangent..
Can you settle a point between Frankie and me?
Is the topic of this thread in regards to the new changes Ford proposed and backed away from?
I'm not melting down at all. NO, my purchases are still in the green if I wanted to sell , but I don't. All are leased with great tenants. I am looking to buy a few more for the right price, but all built after 2018.
Yes, so I can buy more at bargain pricing!!!!! We agree, let's do a happy dance together.
No shit, huh?
Especially considering that investors basically priced end users out of the market and that builders built for investors not end users.
Noooo!!!! Builders have been designing condos with investors in mind for years, not families. The layouts, the sizes, even the amenities are tailored to maximize rentability and minimize cost, not to support long-term living.
Now that investors have pulled back, the market’s exposed. Families were never the core condo buyers to begin with, they’ve always preferred freeholds. The real end-users buying condos are typically young singles or couples who can’t yet afford a house and are fine with “living in a box” temporarily while they get established.
If interest rates eventually drop enough to make carrying costs and rental income balance out again, investors might re-enter the market. And frankly, re-opening the door to foreign buyers would also give the condo sector a much-needed jolt, like it or not, that demand helped keep projects moving.
It has everything to do with it. The owners of these condos want to keep them saleable. You cannot write a lease with termination terms outside the LTA even if both parties agree. So the owners of these condos cannot write a lease that says if I sell this condo, you have to leave with 3 m notice in return for a favorable rent for example. So they sit empty and people search frantically for housing.
Well, that is the problem I am trying to highlight.
The fact that only investors are able to carry the market is because it is so overpriced, and it is overpriced because of these investors. Vicious cycle.
The other downside to allowing investors to buy up condos is builders building pigeon pens - 300sqft (like WTF) condos, that nobody sane can live in and wants to BUY to live in.
They are solely rental units bought by investors.
And what happens when you buy overpriced 300sqft condos? You rent it out for 2500 a month (?!!).
The change needs to be for builders to build atleast 600 to 700 sqft condos, that are sold to people who want to LIVE there.
We have plenty of new and young immigrants in Toronto, and a more affordable housing market is needed for them to secure housing.
I posted about Ford's bill yes. But when has any thread stayed on topic? lmao.
That doesn't answer my question.
I understand why someone might keep it empty, but what does it have to do with bad tenants?
Not being able to write a landlord favourable lease is different than a non-paying tenant.
That prioritizes investors over families and international investors over Canadians.
Its bad enough that we are starting to see corporate investors taking over rentals in Canada but the fact that housing is not being built for families and new families is a bigger problem. Maybe it sucks if you're not getting rich off it but it sucks more that kids can't afford to rent or buy on working salaries now.
Housing is one of the bigger issues in this country, it needs to be moved away from investment material to a necessity.
